ESSEX PROPERTY TRUST, INC. ESS Cash Flow

Essex property trust, inc. (ESS)

CashFlow / Yearly

Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09	Dec'08
Cash flows from operating activities:
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
464,448	413,599	458,043	438,410	248,239	134,438	172,055	139,590	57,516	50,782	53,739	84,395
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred interest from settlement of swaps
-	-	-	-	-	-	-	-	-	-	-	38
Loss on derivative instruments - ineffectiveness
-	-	-	-	-	-	-	-	-	2,301	0	0
Impairment loss and reserve for loan loss
-	-	-	-	-	-	-	-	-	-	13,084	650
Non-cash expense due to cancellation of outperformance plan
-	-	-	-	-	-	-	-	-	-	3,807	0
Depreciation and amortization
483,750	479,884	468,881	441,682	453,423	360,592	193,518	170,686	152,542	129,711	118,522	113,294
Amortization of discount on notes receivables
-	-	-	-	-	-	-844	-1,832	-1,757	-4,806	0	0
Amortization of discount on marketable securities
28,491	17,637	15,119	14,211	12,389	9,325	6,556	5,127	4,794	-3,714	-3,605	0
Amortization of discount and debt financing costs, net
5,689	-2,587	-5,948	-15,234	-19,361	-14,672	12,216	11,644	11,474	4,828	4,820	3,977
Loss on sale of marketable securities
1,271	737	1,909	5,719	-	-	-	-	-	-	-	-
Unrealized (gain) loss on equity securities recognized through income
5,710	-5,159	0	0	-	-	-	-	-	-	-	-
Gain on sale of marketable securities and other investments
-	-	-	-	598	886	1,767	819	4,956	12,491	1,014	-
Unrealized loss on equity securities recognized through income
-	-	-	0	-	-	-	-	-	-	-	-
Company's share of gain on the sales of co-investments
51,097	10,569	44,837	13,046	0	6,558	0	-	-	-	-	-
Company's share of gain on the sales of co-investments
-	-	-	-	-	-	-41,252	49,773	17,141	41,700	954	-
Earnings from co-investments
61,039	78,563	41,608	35,652	21,861	33,335	14,613	-1,626	-7,929	-1,715	670	7,820
Operating distributions from co-investments
99,277	99,593	76,764	60,472	46,608	49,486	19,636	-29,112	-919	0	-530	0
Accrued interest from notes and other receivables
6,012	5,436	4,030	302	-	-	-	-	-	-	-	-
Asset Impairment Charges
7,105	0	0	-	-	-	-	-	-	-	-	-
(Gain) loss on the sale of real estate and land
-3,164	61,861	26,423	154,561	47,333	46,039	30,725	-10,870	-8,562	0	-8,729	-7,995
Amortization of deferred financing costs
-	-	-	-	-	-	-	-	-	-	-	3,001
Equity-based compensation
7,010	7,135	9,286	9,811	6,061	8,740	4,508	4,141	2,927	3,251	3,412	3,940
Gain on sale of marketable securities
-	-	-	-	-	-	-	-	-	-	-	0
Gain (Loss) on Extinguishment of Debt
3,717	0	-1,796	-606	-6,114	-268	-300	-5,009	-1,163	-10	4,750	3,997
Gain on remeasurement of co investment
31,535	1,253	88,641	0	34,014	0	0	21,947	0	0	-	-
Noncash merger and integration expenses
-	-	-	-	-	9,025	0	-	-	-	-	-
Changes in operating assets and liabilities:
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets
-5,751	1,203	3,004	-2,730	-267	-15,828	1,588	9,488	1,172	2,771	2,249	-1,791
Accounts payable, accrued liabilities, and operating lease liabilities
29,551	-145	-13,474	2,302	-8,875	24,233	72	12,360	3,620	4,302	-2,364	-7,491
Other liabilities
2,206	1,175	-170	-496	1,887	1,517	22	1,638	1,560	2,412	114	864
Net cash provided by operating activities
919,079	826,554	769,607	716,792	618,168	493,312	304,982	267,499	216,571	175,530	173,587	181,241
Cash flows from investing activities:
Additions to real estate:
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired
133,825	15,311	206,194	315,632	515,726	387,547	348,774	393,771	57,478	279,607	16,000	87,533
Redevelopment
-	-	-	-	-	-	47,289	13,704	16,446	6,388	3,210	7,048
Redevelopment
70,295	73,000	69,928	83,927	99,346	81,429	17,757	39,027	45,130	14,096	25,812	48,941
Development acquisitions of and additions to real estate under development
158,234	182,772	137,733	75,367	157,900	152,766	-	29,196	79,194	155,267	120,844	124,126
Lessor required capital expenditure
-	-	-	-	-	-	-	1,173	0	-	-	-
Non-revenue generating capital expenditures
-	-	-	-	-	-	-	30,491	26,090	29,278	25,722	25,205
Capital expenditures on rental properties
101,689	81,684	72,812	64,769	57,277	78,864	56,919	7,620	7,616	1,584	855	6,537
Acquisition of membership interest in co-investments
-	-	-	0	115,724	0	0	85,000	0	0	-	-
Investments in notes receivable
231,400	0	106,461	24,070	0	0	-	-	-	-	-	-
Sales and maturities of marketable securities and other investments
-	-	-	-	-	-	24,172	-	-	-	-	-
Purchases of and advances under notes and other receivables
-	-	-	-	-	-	56,750	26,000	12,325	37,627	3,424	2,501
Proceeds from tax investor
-	-	-	-	-	-	-	-	-	1,223	3,762	0
Collections of notes and other receivables
168,720	29,500	55,000	4,070	0	76,585	53,438	14,525	884	1,855	15,728	5,695
Proceeds from insurance for property losses
3,734	1,408	648	5,543	16,811	35,547	0	-	-	-	-	-
BRE merger consideration paid
-	-	-	-	-	555,826	0	-	-	-	-	-
Proceeds from dispositions of real estate
23,214	347,587	132,039	239,289	319,008	141,189	65,496	27,800	23,003	0	38,178	58,078
Contributions to co-investments
402,284	162,437	293,363	183,989	127,879	246,006	162,578	260,153	246,106	79,450	270	14,346
Changes in refundable deposits
-5	414	-837	2,129	14,068	36,582	9,149	6,069	1,376	4,414	-11,995	-20,515
Purchases of marketable securities
46,458	37,952	67,893	18,779	14,300	20,516	16,442	73,735	8,048	49,974	116,402	83,261
Sales and maturities of marketable securities
-147,531	-31,521	-35,481	-30,458	-8,907	-8,753	-	61,703	32,998	102,039	22,964	60,915
Non-operating distributions from co-investments
273,290	83,661	162,439	76,231	31,938	150,306	118,856	-	-	-	-	-
Distributions from co-investments
-	-	-	-	-	-	-	-	-	-	-	10,302
Net cash used in investing activities
-527,691	-59,893	-567,940	-413,071	-725,556	-1,147,156	-453,696	-812,138	-425,783	-510,868	-218,958	-285,023
Cash flows from financing activities:
Proceeds from unsecured debt and mortgage notes
1,045,290	298,773	597,981	669,282	641,816	2,093,406	969,061	1,745,853	1,514,684	1,214,216	453,570	896,471
Payments on unsecured debt and mortgage notes
1,026,616	230,398	561,160	532,020	261,734	1,814,020	750,900	1,371,317	1,435,135	882,646	199,979	682,069
Proceeds from lines of credit
1,939,213	742,961	982,246	596,106	704,039	-	-	-	-	-	-	-
Repayments of lines of credit
1,884,213	921,961	928,246	486,106	935,617	-	-	-	-	-	-	-
Repayment of cumulative redeemable preferred stock
-	-	-	73,750	0	0	-	-	-	-	-	-
Retirement of common stock
56,989	51,233	0	1,045	0	0	-	-	-	-	20,271	13,723
Additions to deferred charges
10,898	4,250	4,108	7,926	8,034	17,402	7,402	6,707	5,533	4,109	3,935	3,264
Payments related to debt prepayment penalties
1,406	0	1,630	215	-	-	-	-	-	-	-	-
Net proceeds from issuance of common stock
72,539	-919	89,055	-384	332,137	531,379	137,749	357,720	323,931	251,455	198,511	142,751
Payments to settle derivative instruments
-	-	-	-	-	-	-	0	2,395	81,282	0	3,083
Retirement of exchangeable bonds
-	-	-	-	-	-	-	-	-	5,396	161,084	49,258
Net proceeds from issuance of Preferred stock, Series H
-	-	-	-	-	-	-	0	71,209	0	0	-
Retirement of Series D preferred units and Series G Preferred stock
-	-	-	-	-	-	-	-	-	-	91,703	10,065
Retirement of Series B preferred units and Series F Preferred stock
-	-	-	-	-	-	-	0	103,800	0	0	-
Equity related issuance cost
-	-	-	-	-	-	-	309	627	0	0	-
Net proceeds from stock options exercised
37,467	6,213	26,635	18,949	26,540	11,039	4,958	2,643	6,986	4,765	943	4,884
Payments related to tax withholding for share-based compensation
3,688	869	316	386	758	-	-	-	-	-	-	-
Distributions to noncontrolling interest
27,993	29,050	26,552	25,334	21,055	17,465	18,488	16,691	16,963	24,795	22,108	24,214
Redemption of noncontrolling interest
36,568	1,333	28,580	2,511	2,621	5,753	5,711	6,986	5,387	24,186	12,720	13,205
Redemption of redeemable noncontrolling interest
73	144	5,543	0	0	-	-	-	-	-	-	-
Common stock dividends paid
507,754	484,182	450,625	411,134	367,257	260,574	180,668	156,250	138,622	123,629	117,102	109,490
Net cash provided by (used in) financing activities
-461,689	-676,392	-310,843	-256,474	107,456	520,610	148,599	550,356	208,348	328,431	24,122	135,735
Net increase (decrease) in unrestricted and restricted cash and cash equivalents
-70,301	90,269	-109,176	47,247	4,073	7,119	-115	5,717	-864	-6,907	-21,249	31,953
Cash acquired from the BRE merger
-	-	-	-	-	140,353	0	-	-	-	-	-
Cash acquired from consolidation of co-investment
-	-	-	-	4,005	0	0	-	-	-	-	-
Supplemental disclosure of cash flow information:
Cash paid for interest (net of $4.8 million and $5.9 million capitalized in 2020 and 2019, respectively)
194,418	203,803	212,163	203,743	181,106	130,691	103,516	95,597	89,691	83,497	81,878	78,343
Interest capitalized
24,169	18,708	13,860	12,486	15,571	22,510	16,486	-	-	-	-	-
Operating cash flows from operating leases
6,811	0	0	-	-	-	-	-	-	-	-	-
Supplemental disclosure of noncash investing and financing activities:
Issuance of Operating Partnership units for contributed properties
0	7,919	0	0	-	1,419,816	0	2,400	0	4,038	0	0
Issuance of DownREIT units in connection with acquisition of real estate
65,472	0	22,506	0	0	-	-	-	-	-	-	-
Retirement of Operating Partnership units
-	-	-	-	-	1,419,816	0	-	-	-	-	-
Transfers between real estate under development and rental properties, net
19,812	100,415	2,413	104,159	308,704	10,203	68	6,632	165,214	170,940	92,517	103,750
Transfer from real estate under development to co-investments
671	853	5,075	9,919	6,234	83,574	27,906	0	54,472	0	0	-
Reclassifications (from) to redeemable noncontrolling interest to/from additional paid in capital and noncontrolling interest
2,008	1,165	65	-768	22,387	18,766	0	-	-	-	-	-
Redemption of redeemable noncontrolling interest via reduction of note receivable
0	4,751	0	0	-	-	-	-	-	-	-	-
Contribution of note receivable to co-investment
-	-	-	-	-	-	-	12,325	0	0	-	-
Mortgage notes assumed in connection with purchases of real estate
-	-	-	-	-	-	-	-	-	-	-	0
Note receivable settled when the company purchased the property securing the note receivable
-	-	-	-	-	-	-	-	-	25,750	0	0
Change in accrual of dividends
-	-	-	-	-	-	-	5,441	3,206	2,655	1,626	3,603
Change in fair value of derivative liabilities
-	-	-	-	-	-	-	4,461	230	1,907	42,973	64,201
Change in fair value of marketable securities
-	-	-	-	-	-	-	459	2,836	6,670	12,900	0
Change in construction payable
-	-	-	-	-	-	-	1,113	2,518	1,304	8,278	13,240
Debt assumed in connection with acquisition
143,006	45,804	51,882	48,832	114,435	72,568	0	-	-	-	-	-
Debt deconsolidated in connection with BEX II transaction
-	-	-	20,195	0	0	-	-	-	-	-	-
Repayment of mortgage note from new financing proceeds
0	52,000	0	0	-	-	-	-	-	-	-	-
Transfer from co-investments to rental properties
-	-	-	-	-	-	-	148,053	0	0	-	-
Mortgage notes (excluding BRE merger) assumed in connection with purchases of real estate including the loan premiums recorded
-	-	-	-	-	-	0	82,133	20,927	87,336	0	-
Reclassification between stockholder's equity and noncontrolling interest resulting from conversions and equity transactions
-	-	-	-	-	-	-	-	-	-	-	2,790
Mortgage notes assumed by buyer in connection with sales of real estate
-	-	-	-	-	-	-	-	-	-	-	59,068
Land contributed by a partner in a consolidated joint venture
-	-	-	-	-	-	-	-	-	-	-	10,500
Redemption of Series D Units for common stock
-	-	-	-	-	-	-	-	-	-	-	36,625
Essex Portfolio, L.P.
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
464,448	413,599	458,043	438,410	-	-	-	-	-	-	-	-
Depreciation and amortization
483,750	479,884	468,881	441,682	-	-	-	-	-	-	-	-
Amortization of discount on marketable securities
28,491	17,637	15,119	14,211	-	-	-	-	-	-	-	-
Amortization of discount and debt financing costs, net
5,689	-2,587	-5,948	-15,234	-	-	-	-	-	-	-	-
Loss on sale of marketable securities
1,271	737	1,909	5,719	-	-	-	-	-	-	-	-
Unrealized (gain) loss on equity securities recognized through income
5,710	-5,159	0	0	-	-	-	-	-	-	-	-
Company's share of gain on the sales of co-investments
51,097	10,569	44,837	13,046	-	-	-	-	-	-	-	-
Earnings from co-investments
61,039	78,563	41,608	35,652	-	-	-	-	-	-	-	-
Operating distributions from co-investments
99,277	99,593	76,764	60,472	-	-	-	-	-	-	-	-
Accrued interest from notes and other receivables
6,012	5,436	4,030	302	-	-	-	-	-	-	-	-
Asset Impairment Charges
7,105	0	0	-	-	-	-	-	-	-	-	-
(Gain) loss on the sale of real estate and land
-3,164	61,861	26,423	154,561	-	-	-	-	-	-	-	-
Equity-based compensation
7,010	7,135	9,286	9,811	-	-	-	-	-	-	-	-
Gain (Loss) on Extinguishment of Debt
3,717	0	-1,796	-606	-	-	-	-	-	-	-	-
Gain on remeasurement of co investment
31,535	1,253	88,641	0	-	-	-	-	-	-	-	-
Prepaid expenses, receivables, operating lease right-of-use assets, and other assets
-5,751	1,203	3,004	-2,730	-	-	-	-	-	-	-	-
Accounts payable, accrued liabilities, and operating lease liabilities
29,551	-145	-13,474	2,302	-	-	-	-	-	-	-	-
Other liabilities
2,206	1,175	-170	-496	-	-	-	-	-	-	-	-
Net cash provided by operating activities
919,079	826,554	769,607	716,792	-	-	-	-	-	-	-	-
Acquisitions of real estate and acquisition related capital expenditures, net of cash acquired
133,825	15,311	206,194	315,632	-	-	-	-	-	-	-	-
Redevelopment
70,295	73,000	69,928	83,927	-	-	-	-	-	-	-	-
Development acquisitions of and additions to real estate under development
158,234	182,772	137,733	75,367	-	-	-	-	-	-	-	-
Capital expenditures on rental properties
101,689	81,684	72,812	64,769	-	-	-	-	-	-	-	-
Investments in notes receivable
231,400	0	106,461	24,070	-	-	-	-	-	-	-	-
Collections of notes and other receivables
168,720	29,500	55,000	4,070	-	-	-	-	-	-	-	-
Proceeds from insurance for property losses
3,734	1,408	648	5,543	-	-	-	-	-	-	-	-
Proceeds from dispositions of real estate
23,214	347,587	132,039	239,289	-	-	-	-	-	-	-	-
Contributions to co-investments
402,284	162,437	293,363	183,989	-	-	-	-	-	-	-	-
Changes in refundable deposits
-5	414	-837	2,129	-	-	-	-	-	-	-	-
Purchases of marketable securities
46,458	37,952	67,893	18,779	-	-	-	-	-	-	-	-
Sales and maturities of marketable securities
-147,531	-31,521	-35,481	-30,458	-	-	-	-	-	-	-	-
Non-operating distributions from co-investments
273,290	83,661	162,439	76,231	-	-	-	-	-	-	-	-
Net cash used in investing activities
-527,691	-59,893	-567,940	-413,071	-	-	-	-	-	-	-	-
Proceeds from unsecured debt and mortgage notes
1,045,290	298,773	597,981	669,282	-	-	-	-	-	-	-	-
Payments on unsecured debt and mortgage notes
1,026,616	230,398	561,160	532,020	-	-	-	-	-	-	-	-
Proceeds from lines of credit
1,939,213	742,961	982,246	596,106	-	-	-	-	-	-	-	-
Repayments of lines of credit
1,884,213	921,961	928,246	486,106	-	-	-	-	-	-	-	-
Retirement of common stock
56,989	51,233	0	1,045	-	-	-	-	-	-	-	-
Additions to deferred charges
10,898	4,250	4,108	7,926	-	-	-	-	-	-	-	-
Payments related to debt prepayment penalties
1,406	0	1,630	215	-	-	-	-	-	-	-	-
Net proceeds from issuance of common stock
72,539	-919	89,055	-384	-	-	-	-	-	-	-	-
Net proceeds from stock options exercised
37,467	6,213	26,635	18,949	-	-	-	-	-	-	-	-
Payments related to tax withholding for share-based compensation
3,688	869	316	386	-	-	-	-	-	-	-	-
Distributions to noncontrolling interest
7,288	8,518	7,752	6,960	-	-	-	-	-	-	-	-
Redemption of noncontrolling interest
36,568	1,333	28,580	2,511	-	-	-	-	-	-	-	-
Redemption of redeemable noncontrolling interest
73	144	5,543	0	-	-	-	-	-	-	-	-
Common stock dividends paid
528,459	504,714	469,425	429,508	-	-	-	-	-	-	-	-
Net cash provided by (used in) financing activities
-461,689	-676,392	-310,843	-256,474	-	-	-	-	-	-	-	-
Net increase (decrease) in unrestricted and restricted cash and cash equivalents
-70,301	90,269	-109,176	47,247	-	-	-	-	-	-	-	-
Cash paid for interest (net of $4.8 million and $5.9 million capitalized in 2020 and 2019, respectively)
194,418	203,803	212,163	203,743	-	-	-	-	-	-	-	-
Interest capitalized
24,169	18,708	13,860	12,486	-	-	-	-	-	-	-	-
Operating cash flows from operating leases
6,811	0	0	-	-	-	-	-	-	-	-	-
Issuance of Operating Partnership units for contributed properties
0	7,919	0	0	-	-	-	-	-	-	-	-
Issuance of DownREIT units in connection with acquisition of real estate
65,472	0	22,506	0	-	-	-	-	-	-	-	-
Transfers between real estate under development and rental properties, net
19,812	100,415	2,413	104,159	-	-	-	-	-	-	-	-
Transfer from real estate under development to co-investments
671	853	5,075	9,919	-	-	-	-	-	-	-	-
Reclassifications (from) to redeemable noncontrolling interest to/from additional paid in capital and noncontrolling interest
2,008	1,165	65	-768	-	-	-	-	-	-	-	-
Redemption of redeemable noncontrolling interest via reduction of note receivable
0	4,751	0	0	-	-	-	-	-	-	-	-
Initial recognition of operating lease right-of-use assets
77,645	0	0	-	-	-	-	-	-	-	-	-
Initial recognition of operating lease liabilities
79,693	0	0	-	-	-	-	-	-	-	-	-
Debt assumed in connection with acquisition
143,006	45,804	51,882	48,832	-	-	-	-	-	-	-	-
Repayment of mortgage note from new financing proceeds
0	52,000	0	0	-	-	-	-	-	-	-	-
Essex Portfolio, L.P. [Member]
Repayment of cumulative redeemable preferred stock
-	-	-	73,750	-	-	-	-	-	-	-	-
Debt deconsolidated in connection with BEX II transaction
-	-	-	20,195	-	-	-	-	-	-	-	-